Market


The global market for in vitro diagnostics was more than US$ 60 billion in 2016 and is predicted to increase annually at around 5.5% to reach almost US$ 79 billion by 2021. This is contributed to by the rise in chronic diseases and shift from hospital routine laboratories to decentralized point-of-care testing. Infectious diseases accounted for the largest share of the market in 2015, due in part to increased incidences in tuberculosis and hospital-acquired infections. Availability of technologically advanced products and increasing acceptance of personalized medicine are driving the market in North America, which has the largest market share. The Asia-Pacific region is forecast to experience the greatest expansion in the near future. The in vitro diagnostics market is fiercely competitive, with key players from Europe including Roche Diagnostics and Qiagen.

In comparison to in vitro diagnostics, the global biomarkers market was much smaller in 2016 (around US$ 28 billion), but its predicted growth rate is more than double (around 14% per annum), with an expected market of US$ 53 billion in 2021. This market is divided into safety, validation and efficacy biomarkers. While safety biomarkers are currently predominant, efficacy biomarkers are forecast to grow fastest over coming years. The main biomarker application is diagnostics, driven by new diagnostic tests and other novel biomarker products, as well as rising prevalence and individualized treatment of cancer.

Source: www.marketsandmarkets.com